The USA has over 250 Foreign Trade Zones (FTZ) with different rules, processes, advantages and tax implications. But what is a Foreign Trade Zone? It is a secure area defined by US law as being outside the Customs Territory of the USA. They are associated with an air or sea port of entry, no duty is paid upon admittance and in certain states local and federal taxes are eliminated. Once the goods leave the FTZ and enter the USA then US Customs Territory, duty and taxes apply.
In 2012, Foreign Trade Zones in the US …
Conducted more than $732 Bn in business
Exported $69.9 Bn in goods
Provided jobs for 347,000 working Americans
Actively involved 3,200 firms across the country
As an overview and to give more information about US Foreign Trade Zones ibt partners’ has created a short ebook “U.S. Foreign Trade Zones”. Whether you are already exporting or just setting out, this ebook will help you discover more about US Foreign Trade Zones – what they are, how they work and how they can help in your export strategy. The topics covered in the ebook are: rules and processes, main advantages, monetary incentives, assembly and modification, types of zones, next steps and useful links.
For a full list of all US Foreign Trade Zones by state we recommend you visit http://enforcement.trade.gov/ftzpage/letters/ftzlist-map.html where you will find a map, the address and phone number of the contact person for each FTZ area. We also recommend you visit the National Association of Foreign-Trade Zones (NAFTZ), www.naftz.org, who connect global businesses with local communities through the US Foreign-Trade Zone Program. NAFTZ members — which comprises public entities, public and private companies and individuals.
If you are interested in knowing more about US-European transatlantic trade you will find this page useful: ibt partners, Transatlantic Trade